Genting Hong Kong Comes to an End as Casino Cruise Business Wraps Up
Genting Hong Kong (Genting HK), the sail ship fellowship owned past Genting executive Lim Kok Thay which had vainglorious plans for cassino cruises, is officially done. It filed for bankruptcy 15 months ago and has now been removed from the Hong Kong Stock Exchange (HKSE).
The society faltered because of COVID-19, despite its bulk ownership by the seventh-richest piece inwards Malaysia. It had go down come out to launch several ships at once, but the worldwide pandemic froze everything and led to substantial money troubles.
The magnitude of the issuing impinge on place when single of its ships, Crystal Symphony, rerouted its course to the Bahamas inward January of cobbler's last year. It was on its way to Miami, Fla., at the time, but got word that the US Marshal Service was ready and waiting(p) for it to sorrel so it could seize the vessel.
From there, Genting HK began lancinate costs and selling ships for pennies on the dollar. It was all for nothing, though, as the fellowship ne'er found a way of life to stick afloat.
The Sinking Ship
Lim is a qualified billionaire, but didn’t want to move around the company around. Genting HK unloaded its assets and filed for failure after accumulating $2.8 one million million inward debt it couldn’t recover.
Liquidators took o'er to carry on the sell-off, and the companion acknowledged that it wouldn’t essay to wee a comeback. Per its winding-down process, Genting HK has been removed from the HKSE as of Tues morning. At the time, its carry was worth around $448.6 million, according to exchange data.
Per HKSE regulations, a delisted keep company has 18 months to register a petition to follow listed again. Genting HK has confirmed it won’t stress to suit relisted.
Genting HK emerged from Star Cruises, which Lim started decades ago. That business organization grew to include Crystal Cruises inward the US, which Genting HK purchased before scope upwardly Dream Cruises as it continued to expand.
In 2015, the troupe decided to commence edifice its have ships and purchased shipyards inwards Germany. It began working on several vessels before COVID-19 run into and decimated its operations.
Attempts to regain loans and relief through insurance claims were unsuccessful, and Genting HK began accumulating more bills. At i point, it wasn’t still able-bodied to pay its fire bills, leading single supplier to Indian file a $4-million title that led to the attempted seizure.
The Genting Phoenix
Lim didn’t dedicate upward on his dream that easily. Instead, he started a young sail line of business that follows Genting’s Resorts World naming scheme. Resorts World Cruises (RWC) emerged cobbler's last year, a articulatio effort 'tween Lim, ane of his sons, and a thirdly man, Gerard Lim Ewe Keng, through and through the Resorts World brandmark Two Trees Family.
The unexampled troupe is already at sea, having launched Genting Dream finally year. The vessel’s homeport is Singapore, and it’s 1 of the ships Genting HK used to own.
Several familiar faces from Genting HK are participating in the new operation. Michael Goh was the prexy of and chief of international sales at Dream Cruises, and is now the chair of RWC.
Dikshaa Batra was the senior sales manager at Star Cruises and the supporter VP at Genting HK, according to her LinkedIn profile. She is at present an supporter VP at the unexampled company.
Havard Ramsoy, Raymond Lim, Wang Wang, and several others also transitioned from Genting HK to RWC in various capacities. They’re all intimately familiar spirit with the operations and the ships, as the vessels the companion will exercise are owned past the banks that seized them when Genting HK cut down apart.
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